Strategic Solar Energy Investment and Market Expansion
Clean energy company Candi Solar announced on Monday that it raised $38 million in a Series C funding round. Leading the round were Norfund, Kyuden International, and STOA. This new funding will fuel the firm’s ambitious growth plans. It will finance an additional 200 MW of business solar projects and support strategic hiring initiatives to sustain rapid expansion.
“Our innovative solar and battery solutions and pioneering financial products accelerate our purpose of powering a more sustainable planet, one rooftop at a time,” said Fabio Eucalipto, Co-founder and Director at Candi Solar. He added, “This recognition from our new investors, Norfund and Kyuden, alongside the unwavering support of our existing shareholder STOA, fuels our commitment to building an international enterprise with a robust path to profitability.”
Achievements and Market Recognition
Candi Solar has been recognized by industry experts, recently ranking among the top 5 rooftop solar developers in India. The company’s portfolio includes high-profile projects with companies such as Airtel and Jindal Saw in India and Schneider Electric in South Africa. These achievements underscore Candi Solar’s growing influence in the solar energy market and its potential for continued success.
Investor Support and Future Prospects
Bjornar Baugerud, head of the Climate Investment Fund in Norfund, stated, “Through the partnership, we look forward to supporting innovative solutions that provide renewable energy services to underserved markets while keeping high standards of business integrity, ESG, and health & safety practices.” This backing from prominent investors highlights the confidence in Candi Solar’s potential to drive significant advancements in solar technology and green energy policies.
Conclusion
Candi Solar’s recent $38 million funding round marks a significant milestone in the company’s expansion efforts. The investment will bolster the development of solar energy projects and enhance the company’s market position. As Candi Solar continues to innovate and grow, it remains committed to its mission of promoting sustainable energy solutions and contributing to the global transition towards clean energy. This development not only reflects the rising trend of solar energy investments but also sets a strong example for other companies in the solar energy market.
Source：thehansindia.com
